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Owner of Grindr to pay over $1 billion to wife in divorce settlement

Owner of Grindr to pay over $1 billion to wife in divorce settlement
Grindr – Are you a user of the dating app?

Zhou Yahui, the Chinese billionaire who bought Grindr earlier this year, is paying an incredibly hefty price to separate from his wife.

In what is known as the ‘most expensive divorce‘ in China, Zhou, 39, will pay $1.1 billion worth of shares from his Beijing online gaming company, Kunlun Tech, to his wife Li Qiong as the divorce settlement.

Zhou and Li were known to be China’s most affluent couple under the age of 40 with shared assets of around 23 billion yuan ($3.45 billion).

According to Forbes, Zhou built his fortune by distributing Chinese online games internationally.

His company reportedly took in 1.78 billion yuan ($267 million) in revenues last year, with 74% coming from overseas markets.

Zhou first heard about Grindr in the summer of 2015, Forbes reports. Zhou’s friend had introduced the gay dating app to him after knowing that it was looking for a buyer.

Kunlun Tech, which valued Grindr ‘at less than ten times earnings before interest, taxes and depreciation,’ then decided to spend $93 million for a 60% stake.

According to Bloomberg, the settlement will give Li a 26.4% stake in Kunlun Tech, leaving Zhou with 34.5%.

However, an agreed upon lockup period will keep Li’s shares on hold until January 2018.

 

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